New Economic Thinking | Hysteresis and the Economy @NewEconomicThinking | Uploaded March 2024 | Updated October 2024, 6 hours ago.
Mark Setterfield delves into the concept of hysteresis to explore whether temporary economic shocks like the COVID-19 recession have lasting effects on the economy.
Setterfield, Professor of Economics at the New School for Social Research, explores how such temporary events can have enduring effects on economic outcomes, distinguishing between temporary and extreme effects and their potential to cause permanent changes. He discusses both the demand and supply sides of the economy, questioning the long-term impact of the pandemic on household behavior, labor market dynamics, and aggregate demand and supply conditions. Setterfield's insights provide a nuanced understanding of the economy's path-dependent nature and the role of policy interventions in mitigating adverse effects.
Learn more at https://www.newschool.edu/nssr/faculty/Mark-Setterfield/
“Will hysteresis effects afflict the US economy during the post-COVID recovery?” Review of Keynesian Economics, 11, 4, 507-528 (2023).
“Inflation and distribution during the post-COVID recovery: a Kaleckian approach,” Journal of Post Keynesian Economics, 46, 4, 587-611 (2023).
“Political aspects of ‘buffer stock’ employment: a reconsideration,” Cambridge Journal of Economics, 47, 6, 1171-86 (2023) (with Peter Kriesler and Joseph Halevi).
Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? e-elgar.com/shop/usd/capitalism-inclusive-growth-and-social-protection-9781786433060.html Cheltenham, UK: Edward Elgar (2023) (with Hagen Krämer and Christian Proaño).
Mark Setterfield delves into the concept of hysteresis to explore whether temporary economic shocks like the COVID-19 recession have lasting effects on the economy.
Setterfield, Professor of Economics at the New School for Social Research, explores how such temporary events can have enduring effects on economic outcomes, distinguishing between temporary and extreme effects and their potential to cause permanent changes. He discusses both the demand and supply sides of the economy, questioning the long-term impact of the pandemic on household behavior, labor market dynamics, and aggregate demand and supply conditions. Setterfield's insights provide a nuanced understanding of the economy's path-dependent nature and the role of policy interventions in mitigating adverse effects.
Learn more at https://www.newschool.edu/nssr/faculty/Mark-Setterfield/
“Will hysteresis effects afflict the US economy during the post-COVID recovery?” Review of Keynesian Economics, 11, 4, 507-528 (2023).
“Inflation and distribution during the post-COVID recovery: a Kaleckian approach,” Journal of Post Keynesian Economics, 46, 4, 587-611 (2023).
“Political aspects of ‘buffer stock’ employment: a reconsideration,” Cambridge Journal of Economics, 47, 6, 1171-86 (2023) (with Peter Kriesler and Joseph Halevi).
Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? e-elgar.com/shop/usd/capitalism-inclusive-growth-and-social-protection-9781786433060.html Cheltenham, UK: Edward Elgar (2023) (with Hagen Krämer and Christian Proaño).
![Intellectual Property Is Broken [Dean Baker]](https://i.ytimg.com/vi/cJJZUgt8kVM/hqdefault.jpg "Intellectual Property Is Broken [Dean Baker]
Why are we incentivizing wealth at the expense of health?
Dean Baker (@cepr) breaks down why our intellectual property system is in desperate need of reform.
Produced by Matthew Kulvicki & Nick Alpha")
![System Change - [ECO]NOMICS Part 4](https://i.ytimg.com/vi/eT0tp3OfF64/hqdefault.jpg "System Change - [ECO]NOMICS Part 4
Encouraged by economists, current mainstream policy on climate change has been too focused on green growth, and reliant on market-based solutions, which have proven inadequate to the challenge. Professor Juliet Shor emphasizes it is time to reject business as usual and build a new economy.
In this fourth and last part of [ECO]NOMICS, Prof. Schor explores the structural changes necessary to live within planetary boundaries.
For starters, we need to improve our understanding of human well-being. Public policy has focused on a single flawed number - GDP - ignoring that higher quality of life can be achieved on other dimensions, like fewer working hours. While growth is essential for poor countries to achieve decent standards of living, after a certain threshold, the incremental benefits of increasing GDP are fewer and unequally distributed. Prof. Schor shows it is both economically and technically feasible to achieve high levels of well-being without fossil fuels.
Climate policy should jettison the growth imperative, but it cannot overlook the equality imperative. We are in a climate crisis because of inequalities of power and resources, both within countries and globally. Prof. Schor outlines what needs to be done to address climate destabilization successfully and efficiently: mandate shifts to clean renewable energy, democratic control of investment flows, and a just transition with equity at its core. The State needs to be at the center of this response. But Prof. Schor warns that concentrations of wealth often translate into control of the State and policy inaction, so we need to also address the distribution of power and democratization. In light of recent tendencies, a large and vigorous social movement may be necessary to spur our governments to act.
Learn more at https://www.ineteconomics.org/perspectives/videos/eco-nomics
Credits: Juliet Schor, Matthew Kulvicki, Nick Alpha, Gonçalo Fonseca, Kurt Semm")
